E-Commerce Payment Market To Reach USD 135 Bn By 2023: Study
In its latest research report, Technavio, a global technology research and advisory company said that the global e-commerce payment market will reach 135 billion dollars in the next five years.
The report is based on the research which covered multiple global e-commerce payment market applications including cards, bank transfer, e-wallets, direct debits, and mobile, and has also a breakdown of performance for various geographical markets.
The rise in the availability of internet and wireless broadband has heavily helped the e-commerce market to increase its customer base. Adding fuel to the growth of the e-commerce market further is the introduction technologies such as 4G and wireless broadband at cheaper rates, said the Technavio report.
The distribution of the wireless technologies too recorded a significant rise. This has helped the e-commerce market across two level. One, the vendors are now able to showcase their products more efficiently. Secondly, the digital ecosystem needs advanced network-access control capabilities which will secure the system from malicious software, network vulnerabilities, breaches, and security threats.
The mobile biometrics technologies are also under rapid innovations and can be attributed towards the growth in using mobile devices to make financial and e-commerce transactions. Technologies including fingerprint recognition, voice recognition, iris recognition, signature recognition, keystroke recognition, and facial recognition are under considerable innovation. Integrating these biometrics technologies into mobile devices will ensure authorized access and secure the payment, said the research report in regard to the market trend.
The report also mentioned about the security concerns that has been constantly raised in relation to online payment.
As the online payment market is swiftly growing, it is widely reported that the payment service providers use online cookies to collect personal data of the customers and feed them with customized advertisements. This has been under severe criticism as it is considered as a breach of the privacy of the end-user, where it can reveal the location of the user. The data can also be a subject of hacking, which raises questions about security, said the report.
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